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Explain why BP uses process costing.




View the videos: Washburn Guitar and BP. You may also want to review the video The Little Guys from Unit 2.;Heavy metal rock and accounting are not often thought of being related but the Washburn Guitar video demonstrates the manufacturing process for a high-quality, designed guitar and the type of costs the company captures to accurately measure the job-order production process. You will address this video case as part of this week?s Discussion Board. The BP video demonstrates how an oil refinery uses process costing to track its production costs. Please respond to the following Discussion Board topics. Take time to review the responses of your classmates and provide your feedback.;Discuss the two alternatives for product costing systems. Be sure to address the following;How do the two systems differ?;What are the characteristics of the companies that would use each?;Describe the three valuation method alternatives.;Explain why Washburn Guitar uses job-order costing and the costs Washburn tracks;Regarding process costing, discuss the following;How do the weighted-average and first-in, first-out methods of process costing differ in their treatment of beginning Work in Process Inventory units?;What is an ?equivalent unit of production,? and why is it a necessary concept to employ in a process costing system?;Explain why BP uses process costing.;Why does BP not use EUPs or maintain a Work in Process Inventory?


Paper#23926 | Written in 18-Jul-2015

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